REGISTERED NUMBER: 08422391 (England and Wales)

OSMOSIS (HOLDINGS) LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

6

Report of the Independent Auditors

7

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

B G Dear

S Drews

Ms S Robertson

G Stephen

Mrs M R Edwards

M K Even

REGISTERED OFFICE:

36-38 Botolph Lane

London

United Kingdom

EC3R 8DE

REGISTERED NUMBER:

08422391 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

The Osmosis Group has progressed its business satisfactorily during the year. A number of significant initiatives either have been completed or were in progress at the end of the year:

(i) Overview

The suite of long-only strategies has delivered anticipated performance during a year of unpredictable market conditions. Performance continued to be hindered through the period by an ongoing momentum style based rally, significant concentration of flows into single stock names, particularly technology sector firms, and continued volatility in US trade policy decisions

(ii) Australia

The Australia Trust, investing in developed markets ex-fossil fuels, saw steady inflow through the period. A private fund investment was successfully secured towards the end of 2024.

(iii) North America

Two ETFs were launched over the period, in partnership with Harbor Capital. Seeding was secured in size by an institutional investor in North America. The ETs provided our first exposure to Emerging markets and our first unitised offering to our international strategy.

(iv) UK

Further inroads into the local government pension scheme sector was made in the first half of the year, attracting an allocation of £100m. As pools have been instructed to merge, we see the potential to broaden our footprint in this sector.

(v) Diversification

The group launched its first strategies in partnership with Harbor Capital, giving our first unitised strategies into North America. Research into multifactor strategies incorporating the Core Resource efficiency signal was started half-way through the year, focussed on strategies oriented to the Asian retail markets. Fund launches are planned for the final quarter of 2025 and the first quarter of 2026. Seeding has been verbally secured to launch Emerging Markets UCITS fund in late 2025. The Group facilitated the launch on a fixed income business based out of the Netherlands. Secured institutional seeding and capital providers and the business successfully launched 2 UCITs funds with significant seed. The group holds an equity stake in the business.

(vi) Fixed Income.

The Group facilitated the launch of an Osmosis branded Dutch associated company, having secured initial funding for this business and into which a fixed income team have been hired. The first fixed income products were launched midway through 2025 .

The Osmosis Group monitors its assets under management and advice ("AuA"), which are the source of the Group's revenue and serve as measures of absolute performance, the changes of which serve to indicate relative performance through time. The AuA levels at the end of the year under review, with the category prior year comparatives follow below.

MARKET VOLATILITY AND STRATEGY PERFORMANCE

Global equity markets continue to carry risk, though the overall rising trend of equity prices continued during the year. Inflation rates have been showing signs of steadying and, in some areas, falling. Central Banks appear to be becoming more disposed towards reducing base rates to help propel economic growth. The ongoing impact of the Russian war on Ukraine and the increasing polarisation of the US and Chinese attitudes to each other, all keep volatility in markets.

In such a market context, the Group's success in gaining new investors, in addition to follow-on flows from existing investors, is a testament to the performance delivered, the depth of the team, and the further strengthening of the Group's operational capabilities.

REVIEW OF BUSINESS

At the end of the year the Assets under management and advice (AuA) for the Group were:

Assets under management and advice

31 March 2025

31 March 2024

Overall AuA

$17,021million

$15,943 million

Core Strategies

US sub-advised

$286 million

$625 million

Core Equity

$6,971 million

$5,666 million

Core Equity ex Fossil Fuels

$1,714 million

$1,435 million

Core Equity ex Australia

$2,101 million

$1,972 million

Core Equity Composite

$5,842 million

$6,103 million

Active Strategies

ORE European Equities*

$nil

$78 million

Emerging Markets

Barbor EM ETF

$106 million

$nil

Hedge Strategies

Market neutral (5 times leverage)*

$nil

$64 million

* Fund closed during the year, following investor decisions to re-allocate capital at the end of their planned investment horizon.

POSITION OF THE GROUP'S BUSINESS AT THE END OF THE YEAR

The Osmosis Group's business position at the end of the financial year was satisfactory. The main features of the group's financial position are as follows:

Cash at bank

£0.47 million

Shareholders funds

£2.03 million

Retained loss for the year

£0.1 million

AuA

$17 billion

The prospects for the Group are considered to remained good. Investor interest continues to grow in the Group's risk and factor optimised product suite and capabilities. The ability to target better risk adjusted returns while delivering a sustainable benefit, continues to position Osmosis as a unique investment partner.

Osmosis continues to broaden its distribution capacity. Intermediary relationships have been created in Japan and Singapore and deepened in Australia and Northern Europe. Those developed in previous years are generating a steady rate of opportunities. The level of prospective investor meetings remained satisfactory during the year with continuing investor interest in Osmosis strategies.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks to the Osmosis Group stem from material sustained abnormalities and shocks to global financial markets, whether these result from negative economic reports, changes in government policy, catastrophe - man-made or natural disaster, or infrastructure failures. Changes in the US and UK governments have had their distinct effects on the investor markets primarily targeted by the firm. The surge in investor interest in technology sector stocks continued to distort equity markets in a way not wholly favourable to resource efficient strategies. Financial markets' volatility and trends may have a significant impact on fund performance and, thence, on the investment decisions taken by allocators.

A relatively small number of institutional investors provide a significant portion of the AuA of the Osmosis Group. Re-allocation decisions by one or more of these investors could have a material negative impact on revenues.

The Group continues to ensure that all steps are taken to maintain its ability to operate in Europe on an ongoing basis, and it continues to monitor EU requirements' developments closely.

Volatility in currency markets, in turn, creates a certain amount of volatility in the sterling value of the Group's income streams, which are partially naturally hedged. As the Group's business builds further, the opportunities to create more stability in those streams are monitored closely. During the year the US dollar generally weakened against sterling, an effect that was offset by the overall uplift in the global developed equity markets.

The Osmosis Group's strategy models are quantitative and systematic and, thus, are not subject to manual intervention during normal market conditions. Extreme events are known to occur; however, infrequently, and therefore, the strategy models are subjected periodically to stress tests.

The Osmosis Group's principal financial instruments comprise bank balances, trade debtors, trade creditors and convertible loan notes (issued during the year). Bank balances represent the level of liquid resources available to the group in support of normal operations. Trade debtors and creditors arise in the normal course of events; neither are specifically used to provide finance for the Osmosis Group, and significant balances only normally arise due to settlement timing.

The objective of the Osmosis Group is to achieve continual above-benchmark growth in the level of investment assets from which its revenues are derived. While the Group is loss-making, the transition into sustained profitability during the next financial year is targeted. Liquidity risk is managed by obtaining sufficient funds from investors and finance providers, in tandem with expenditure control balanced to support ongoing operations, the development of new revenue streams and the enhancement of existing ones.

Credit and cash flow risk is managed by monitoring of amounts outstanding for age of debt and against relevant mandates. No credit is extended to customers. Due to the nature of the investors, collection of fees due may take up to 90 days.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Cyber-risks: the level of threat from malicious electronic attack to UK organisations and persons continues to rise. Regulatory focus on this area continues, in particular, by the SEC. The Osmosis Group is not immune to cyber-attacks; it remains alert to the possibility of having its operations significantly compromised by such forms of attack. The directors have accordingly taken all reasonable measures to ensure that the Osmosis Group is both well protected and is able to recover from a breach of defences swiftly. The Group ensures that all of its staff are knowledgeable about all types of extant cyber threats via a programme of ongoing training and awareness testing. It ensures that its infrastructure is as robust as possible and periodically tests its defences. The Group maintains cyber insurance; ongoing investments in infrastructure improvements continue to increase resilience and mitigate foreseeable downside effects.

UNCERTAINTIES AND RISKS FOR THE OSMOSIS GROUP

Russia's war on Ukraine and the resulting sanctions' imposition continues to impact world markets, as does the US presidential stance on import tariffs, which are reacted to by other major economic players in the world. Price inflation that has been experienced in major economies of the world has been on a downward trend, following Central Banks' interventions. Rising rates, commodity price inflation, new green regulations and societal pressures support the Osmosis investment thesis; however, the prospects for the companies comprising the investable universes for Osmosis strategies are inevitably uncertain, particularly so in the face of both global and regional economic and political economic uncertainties.

There will be corporate winners and losers as usual, and market volatility can be expected to increase in the next 12 months. The uncertainty themes of recent years are continuing in 2025 and are expected to continue for the remainder of the decade: the impact of quantitative easing programmes run by many governments over recent years is considered to be declining. Warring in Eastern Europe and the Middle East casts a shadow of uncertainty, although Middle East peace efforts recently could bring some medium term stability. Climate change remains firmly on the agenda, even if other news events shift it from the front page for periods of time. It is recognised that the Group faces uncertainty over income levels, a significant mitigant to which is the focus on meeting investor requirements and attracting allocations of assets to manage.

Operationally, the Group continued to operate effectively, with hybrid working as the modus operandi for the foreseeable future. The technology infrastructure flexibility and resilience continue to serve the Group well.

VIABILITY OF THE GROUP

An element of the Group's risk management approach is to stress-test the business by considering a range of scenarios. Accordingly, around a central case, a number of financial forecast variations are developed, and which are a function of the key factors bearing on income levels, linked variable expense levels and semi-variable expenditure commitments. The development of scenario analysis enables the Group's management to be cognisant of potential sets of conditions to which responses can be planned, which include taking action to reduce expenditure levels and seeking further shareholder support and the speed with which any given action might need to be taken.

Included in the range of scenarios considered are those in which a significant and sustained fall in global equity markets is experienced. The Group has the ability to withstand such conditions should they occur and to take all appropriate actions to sustain the continuation of the Group.

Within the scope of the forward planning and scenario analysis sits the requirement to ensure that the Group is able to meet the FCA's applicable capital requirements and funding obligations. There is therefore careful and continuous monitoring of the Group's position with respect to both aspects.

The Financial Reporting Council requires all companies to rigorously assess all the factors affecting the business when deciding to adopt a going-concern basis for the preparation of accounts. Having reviewed results of stress-tests, as well as the Group's financial plans and level of resources, the Board considers the adoption of the going-concern basis to be appropriate.

DIRECTOR' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP

The Osmosis Group is an investment manager and research house, focused on sustainability and environment foot-printing. It provides the opportunity to investors to allocate their assets to a range of investment strategies, all of which are centred on quantitative methods of optimizing portfolios based on the efficient use of resources by the universe of investable companies. The effective management of assets allocated by clients is of paramount importance to the Group.

The Directors of Osmosis (Holdings) Limited have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

Section 172 considerations are embedded in the decision making at Board level and throughout the Group.

ON BEHALF OF THE BOARD:

G Stephen - Director

29 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

During the year the principal activities of the group were a holding company, to provide investment management services and to be involved in the development of intellectual property and provision of services.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

B G Dear

S Drews

Ms S Robertson

G Stephen

Mrs M R Edwards

M K Even

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

G Stephen - Director

29 October 2025

Opinion

We have audited the financial statements of Osmosis (Holdings) Limited Group (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess

compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.

- Enquiring of management concerning actual and potential litigation and claims.

- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

- Reading minutes of meetings of those charged with governance.

- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment forgery, collusion, omission or misrepresentation.

Whilst this is the case, our audit approach adopts a risk based approach which ensures that appropriate attention is devoted to the areas assessed as key audit risks. We performed a combination of procedures Including analytical review, detailed substantive verification of transactions and balances as well as detailed test of controls, where appropriate.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hassan Behcet (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

3rd Floor

Marlborough House

298 Regents Park Road

Finchley

London

N3 2SZ

30 October 2025

TURNOVER

4

6,403,563

5,998,101

Administrative expenses

6,584,932

7,994,842

GROUP OPERATING LOSS

6

(181,369

)

(1,996,741

)

Share of operating loss in

Associates

(231,885

)

-

Interest receivable and similar income

289,085

35,389

(124,169

)

(1,961,352

)

Interest payable and similar expenses

7

-

226,267

LOSS BEFORE TAXATION

(124,169

)

(2,187,619

)

Tax on loss

8

-

-

LOSS FOR THE FINANCIAL YEAR

(124,169

)

(2,187,619

)

Loss attributable to:

Owners of the parent

(124,169

)

(2,187,619

)

LOSS FOR THE YEAR

(124,169

)

(2,187,619

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(124,169

)

(2,187,619

)

Total comprehensive income attributable to:

Owners of the parent

(124,169

)

(2,187,619

)

FIXED ASSETS

Intangible assets

10

1,674,653

346,887

Tangible assets

11

6,769

1,254

Investments

12

Interest in associate

(231,800

)

-

1,449,622

348,141

CURRENT ASSETS

Debtors

13

2,910,233

2,798,037

Cash at bank

473,598

1,861,536

3,383,831

4,659,573

CREDITORS

Amounts falling due within one year

14

1,125,211

931,842

NET CURRENT ASSETS

2,258,620

3,727,731

TOTAL ASSETS LESS CURRENT LIABILITIES

3,708,242

4,075,872

CREDITORS

Amounts falling due after more than one year

15

1,695,731

2,751,626

NET ASSETS

2,012,511

1,324,246

CAPITAL AND RESERVES

Called up share capital

17

2,040

2,016

Share premium

18

14,326,739

13,522,488

Other reserves

18

(489

)

(489

)

Retained earnings

18

(12,315,779

)

(12,199,769

)

SHAREHOLDERS' FUNDS

2,012,511

1,324,246

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

G Stephen - Director

FIXED ASSETS

Intangible assets

10

-

-

Tangible assets

11

6,769

1,254

Investments

12

65,336

65,251

72,105

66,505

CURRENT ASSETS

Debtors

13

7,273,456

6,200,381

Cash at bank

337,636

1,638,025

7,611,092

7,838,406

CREDITORS

Amounts falling due within one year

14

8,089,359

5,940,040

NET CURRENT (LIABILITIES)/ASSETS

(478,267

)

1,898,366

TOTAL ASSETS LESS CURRENT LIABILITIES

(406,162

)

1,964,871

CREDITORS

Amounts falling due after more than one year

15

1,695,731

2,751,626

NET LIABILITIES

(2,101,893

)

(786,755

)

CAPITAL AND RESERVES

Called up share capital

17

2,040

2,016

Share premium

18

14,326,739

13,522,488

Retained earnings

18

(16,430,672

)

(14,311,259

)

SHAREHOLDERS' FUNDS

(2,101,893

)

(786,755

)

Company's loss for the financial year

(2,119,413

)

(3,178,512

)

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2025 and were signed on its behalf by:

G Stephen - Director

Called up

share

Retained

Share

Other

Total

capital

earnings

premium

reserves

equity

£

£

£

£

£

Balance at 1 April 2023

1,483

(10,012,150

)

11,092,661

(489

)

1,081,505

Changes in equity

Issue of share capital

533

-

2,429,827

-

2,430,360

Total comprehensive income

-

(2,187,619

)

-

-

(2,187,619

)

Balance at 31 March 2024

2,016

(12,199,769

)

13,522,488

(489

)

1,324,246

Changes in equity

Issue of share capital

24

-

804,251

-

804,275

Total comprehensive income

-

(116,010

)

-

-

(116,010

)

Balance at 31 March 2025

2,040

(12,315,779

)

14,326,739

(489

)

2,012,511

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 April 2023

1,483

(11,132,747

)

11,092,661

(38,603

)

Changes in equity

Issue of share capital

533

-

2,429,827

2,430,360

Total comprehensive income

-

(3,178,512

)

-

(3,178,512

)

Balance at 31 March 2024

2,016

(14,311,259

)

13,522,488

(786,755

)

Changes in equity

Issue of share capital

24

-

804,251

804,275

Total comprehensive income

-

(2,119,413

)

-

(2,119,413

)

Balance at 31 March 2025

2,040

(16,430,672

)

14,326,739

(2,101,893

)

Cash flows from operating activities

Cash generated from operations

1

(9,589

)

(2,914,511

)

Tax paid

4,175

(3,310

)

Net cash from operating activities

(5,414

)

(2,917,821

)

Cash flows from investing activities

Purchase of intangible fixed assets

(1,419,493

)

(60,600

)

Purchase of tangible fixed assets

(8,214

)

(1,016

)

Purchase of fixed asset investments

(85

)

-

Sale of short-term listed investments

-

77,503

Purchase of short-term unlstd investment

-

(72,728

)

Interest received

289,085

35,389

Net cash from investing activities

(1,138,707

)

(21,452

)

Cash flows from financing activities

Loan repayments in year

(1,055,895

)

-

Amount withdrawn by directors

(356

)

-

Share issue

24

533

Share premium

804,251

2,429,594

Capital distribution

-

(256

)

Net cash from financing activities

(251,976

)

2,429,871

Decrease in cash and cash equivalents

(1,396,097

)

(509,402

)

Cash and cash equivalents at beginning of year

2

1,861,536

2,370,938

Effect of foreign exchange rate changes

8,159

-

Cash and cash equivalents at end of year

2

473,598

1,861,536

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(124,169

)

(2,187,619

)

Depreciation charges

94,426

120,552

Associated company loss

231,885

-

Finance costs

-

226,267

Finance income

(289,085

)

(35,389

)

(86,943

)

(1,876,189

)

Increase in trade and other debtors

(111,840

)

(1,390,132

)

Increase in trade and other creditors

189,194

351,810

Cash generated from operations

(9,589

)

(2,914,511

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

473,598

1,861,536

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

1,861,536

2,370,938

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

1,861,536

(1,387,938

)

473,598

1,861,536

(1,387,938

)

473,598

Debt

Debts falling due after 1 year

(2,751,626

)

1,055,895

(1,695,731

)

(2,751,626

)

1,055,895

(1,695,731

)

Total

(890,090

)

(332,043

)

(1,222,133

)